Amazon (AMZN)

E-commerce giant Amazon (AMZN) is set to release its latest quarterly results on Thursday, following mixed earnings from its Big Tech peers in the US.

Amazon is expected to report revenue of $187.3bn (£150.9bn) in the fourth quarter, which would be up $169.9bn in the same period last year. Earnings per share are expected to come in at $1.50, versus $1.00 in Q4 last year.

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Revenue from the company's Amazon Web Services cloud business will be closely watched, with this figure expected to top out at $28.8bn, compared with $24.2bn last year.

Amazon's latest earnings come after Microsoft (MSFT) and Alphabet's Google (GOOGL, GOOG) missed on expectations for cloud sales for the quarter. Microsoft's $40bn in revenue was below estimates of $41.1bn, while Google posted sales of $11.9bn, compared to analyst expectations of $12.1bn.

Shares in Amazon were flat in pre-market trading on Thursday morning.

Qualcomm (QCOM)

Shares in chipmaker Qualcomm were down 4.5% in pre-market trading on Thursday, after guidance for its licensing business disappointed against expectations.

Qualcomm (QCOM) said it expected revenue for its licensing business to come in at between $1.25bn and $1.45bn for the second quarter, compared to analyst expectations of $1.4bn, according to Bloomberg.

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However, Qualcomm reported strong figures for its first fiscal quarter, posting revenue of $11.7bn, which was up 17% on the same period last year.

Diluted earnings per share of $2.83 were up 15% on the first quarter of its 2024 fiscal year.

Cristiano Amon, CEO of Qualcomm, said: "We are delivering growth across our diversification initiatives and remain committed to executing on our fiscal 2029 targets to achieve $22bn of non-handset revenues."

Arm (ARM)

Fellow semiconductor producer Arm (ARM) was down more than 6% in pre-market trading on Thursday, amid concerns about its valuation and earnings per share guidance.

Arm's adjusted earnings per share for the third quarter came in at $0.39, compared to forecasts of $0.34, and revenue of $983m was ahead of the $946.8m.

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Patrick Moorhead, CEO of Moor Insights & Strategy, told Yahoo Finance on Wednesday: "Arm is a company that's investing ahead. It's likely more R&D, more engineers — but it's a very expensive stock."

This latest fall in chip stocks comes just a week after the sector was rattled by Chinese startup DeepSeek's AI advancements. The company’s claimed that it trained its open-source DeepSeek-V3 AI model for just $5m using less than state-of-the-art chips.